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Remote work is starting to hit office rents
source link: https://www.axios.com/2023/03/22/remote-work-wf-office-rents-decline
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16 hours ago - Economy & Business
Remote work is starting to hit office rents
Data: CBRE Econometric Advisors; Moody's; Chart: Axios Visuals
After a lag, the work-from-home revolution is finally starting to show up in the data for office building rental rates.
State of play: Major markets like San Francisco and Manhattan — where long commute times seem to be driving the durability of the WFH lifestyle — have been hit the hardest.
- On the other hand, markets like Raleigh, Boston and Minneapolis — which have a higher concentration of health services, biotech and life science employment — seem to be faring well. (It's hard to do laboratory research from your home office.)
What we're watching: Whether the issues in the office market worsen due to balance-sheet stress at regional banks.
- Small and midsized banks (those not among the top 25) currently hold 67.2% of all outstanding commercial real estate loans, Axios recently reported.
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